Buying Bank Owned Real Estate

July 29, 2010 - PRLog -- Buying bank owned real estate is quickly becoming one of the best ways to obtain reduced cost homes. Bank Owned properties are sold through exit/holding companies, Lenders and Asset Managers.

Buying bank owned real estate not only saves home buyers and real estate investors money, but can also save time in locating a property you can flip in weeks.

Bank owned foreclosure properties can include single family residences, condominium units, townhouses, mobile homes, manufactured homes, multi-family dwellings, vacant land and commercial real estate.

Buying from a direct source will save you time and money. But you do need to have liquid assets ready to go. If you are buying a bank-owned home on MLS with an agent that means the bank is trying to maximize their potential and it’s not that great of a deal. Most deals that are available on MLS that are steal are cash offers only. And the only reason they are on the market is because it didn't sell at an auction or a Bulk Sale.

Lenders remove outstanding liens and judgments in order to sell bank owned real estate with a clean title. This alone can save investors and substantial time, money and frustration. Additionally, once lenders regain ownership and commence with eviction of foreclosed homeowners refuse to vacate the premises.

Bank owned homes  that did not sell through public auction. Once these distressed properties are returned to the bank, a realtor is only then assigned to market the home. Bank owned homes are owned by various lenders and some banks are more open to price negotiations than others.

Just like all real estate owned homes, bank owned foreclosure real estate is sold in as-is condition. Buyers can obtain a real estate appraisal and home inspection prior to closing. If the inspection reveals problems, buyers should obtain repair estimates which can be used to negotiate the purchase price.

The bottom line is if you have assets and are looking to find a bank owned property try www.reobluebook.com . We are a social network of all types of real estate professionals. If you have the assets and want to buy a property.50 cents on the dollar we can help.

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REO BLUE BOOK, Inc. (RBB) is a nationwide private foundation dedicated to serving the needs of Lenders, Asset Managers and Private Investors.